Export and Import Services

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Our Export and Import Services

When dealing with international markets, exporters may be concerned about being paid on time from overseas customers, while importers may be dependent on receiving goods from international suppliers for resale or inputs to production.

Both importer and exporters require certainty in these transactions and have to balance their respective risks highlighted in the diagram below.

BOQ can assist your business with reducing payment risks when exporting to and importing from suppliers and customers in international markets with our export and import services, including letters of credit and documentary collections.

Risk ladder for importers and exporters

Documentary Collection Services

BOQ can assist importers and exporters with our documents for collection service. Documentary Collections are a method of payment used in international trade whereby the exporter entrusts the handling of commercial and often financial documents to banks. The exporter will instruct the banks concerning the release of these documents to the importer against payment.

Letters of Credit Services

Standby Letters of Credit

Standby Letters of Credit, similar to a bank guarantee, are issued by a bank on behalf of its customer to provide financial assurance to the beneficiary in the event of default against specified contractual obligations.

Documentary Letters of Credit

Documentary Letters of Credit are a written undertaking by the importer’s bank, known as the issuing bank, on behalf of an importer (applicant), promising to effect payment in favour of the exporter (beneficiary) up to a stated sum of money, within a prescribed time and against stipulated documents.

Conditions, Criteria and Fees Apply. You should obtain and consider the relevant Product Disclosure Statement (PDS), terms and conditions and Guide to Fees and Charges for the product before making any decision about whether to acquire or continue to hold it. Full terms and conditions are available online or at any Bank of Queensland branch.